EXPORTS OF CHEMICAL GROW 3.23% YOY IN FY23 WHILE IMPORTS GROW 10.5% YOY
News: As per data released by Ministry of Commerce and Industry, exports of organic and inorganic chemicals have seen growth of 3.23% YoY to $30.31 billion during FY23. For March, it has seen de-growth of 5.92% YoY to $2.7 billion. Imports of organic and inorganic chemicals for FY23 have seen growth of 10.5% to $33.46 billion while for March, it has seen a de-growth of 5.07% YoY to $2.7 billion
Views: The subdued FY23 US$ growth is mainly on account of slowdown in dyes, pigments and polymers especially in Europe. On the bright side, segments such as Pharma, Agrochemicals continue to hold the ground. For FY24, we expect gradual recovery in the slow moving segments but strong traction especially from Fluorine chemistry players
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